Please find enclosed Monitoring Agency Report for the quarter ended March 31, 2025.
GRAVITA · price
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Gravita India Limited has submitted the final Monitoring Agency Report from ICRA Limited for the quarter ended March 31, 2025, covering how it used the money raised through its Qualified Institutional Placement (QIP) in December 2024. The QIP raised Rs. 1,000 crores (47.7 lakh shares at Rs. 2,096.20 each), with net proceeds of Rs. 981.42 crores earmarked for repaying borrowings (Rs. 530 cr), funding working capital (Rs. 250 cr), general corporate purposes (Rs. 201.42 cr), and issue expenses (Rs. 18.58 cr). As of March 31, 2025, Rs. 726.64 crores has been deployed, including Rs. 264.12 crores toward debt repayment, Rs. 242.52 crores for working capital, and the full Rs. 201.42 crores for general corporate purposes (such as vendor payments and statutory dues). The remaining Rs. 273.36 crores of unutilized funds has been parked safely in bank fixed deposits and money market mutual funds earning around 7.87% to 8.55% returns. ICRA confirmed there are no deviations from the stated objects and that all activities are on schedule.
This is a routine compliance filing with no negative flags — ICRA found no deviation from the stated use of funds, no unfavorable events, and the project is on schedule. Shareholders can take comfort that the Rs. 1,000 crore QIP money is being deployed as promised, with idle funds earning reasonable returns. No direct stock price impact expected from this disclosure.